Open Banking: Global Development and Regulation published by Routledge

Routledge has recently published a new book by Dr Alan Brener (Associate Professor (Teaching) at Laws) with his co-author, Dr Francesco De Pascalis (Senior Lecturer (Associate Professor) in Financial Law at Brunel Law School). Titled Open Banking: Global Development and Regulation, the book is about consumer empowerment in banking across the world based on new financial technology and regulation.

Open banking ends the proprietary control of customer information by banks and allows customers to share their banking financial data as a matter of right. It can also permit customers to allow others to remove funds directly from their bank accounts in return for goods and services. All of this is done securely with standardised ‘application programming interfaces’ (APIs).

This book compares a number of different open banking national strategies. These range from the focus of the UK and EU on enhancing competition to the more collaborative approaches in many East Asian jurisdictions. It also looks at the use of open banking for socio-economic purpose in Brazil and India. Here open banking forms part of a wider government programme to increase financial inclusion coupled with encouraging economic growth.